Vanke plans to convert its B-shares, or mainland shares priced in foreign currencies, by re-listing them in Hong Kong, pending approvals form the firm's shareholder and regulators, the company said in a statement late on Friday.

"To protect shareholders' rights and interests, Vanke will arrange third-parties to provide cash options for all shareholders during the conversion from B- to H-shares," it said.

Trading in all Vanke's shares has been halted since Dec. 26, pending the announcement.

For investors who cash out, the company will offer a 5 percent premium over the closing price of its shares on Dec. 25, it said.

The total value of Vanke's outstanding B-shares was HK$16.4 billion ($2.12 billion), when the B-shares last changed hands at HK$12.50 per share, their highest since mid-2009.

China International Marine Containers (CIMC) delisted its B-shares in late November, abandoning a once-vibrant market for foreign investors that policy changes rendered a little-traded backwater. On Dec. 19 it resurrected them as H-shares, or Hong Kong-traded shares of mainland companies.

More Chinese firms are likely to emulate CIMC's exit from the B-share market that regulators want to wind down. (Reporting by Kevin Yao; Editing by Daniel Magnowski)